I took a loan application for a veteran last week and his situation inspired me to make this video. He called me to refinance his home loan and, during the process, I discovered he had originally taken a loan at a high rate, monthly PMI, up-front PMI and he had to put money down.
VA Loans Make Home Ownership a Joy
Essentially, because of his financial burden, he regretted buying a home, but I was able to turn his regret into happiness by refinancing him with a VA mortgage that saved him hundreds of dollars per month. Had he known his years of service to our country made him eligible for a VA loan, he could have saved himself thousands of dollars.
How VA Home Loans Work
A VA home loan is a win-win for the bank and the consumer. The VA guarantees the mortgage against loss. Since the bank cannot lose, they lend you a hundred percent financing with no money down and below market interest rate and the biggest benefit of them all, the one that will save you the most amount of money, is no monthly private mortgage insurance.
The One VA Mortgage Drawback
The VA has one potential drawback, a fee called the funding fee. No worries though, the fee is added to the loan amount and if you happen to be a disable veteran, your funding fee will be waived.
Documents Needed to Apply for VA Loan
To be apply for the VA home mortgage, you will need to provide the DD 214, which is your service records, and your certificate of eligibility.
I want to personally thank all the veterans and families for your great sacrifice and dedication to our country. My name is Phil Ganz and I specialize in helping veterans secure loans to get home they need and deserve. Contact me for immediate assistance.